Top 7 Ethereum (ETH) DA Apps

Decentralized Applications (DApps) provide solutions in various fields including finance, gaming, commerce and other fields. The Ethereum blockchain is currently leading the pack of the best blockchains for building a DApp.

Here’s a look at some of the best DA apps built on Ethereum.

1. Uniswap

Uniswap is a decentralized open source exchange (DEX) for trading and providing liquidity for ERC20 tokens on Ethereum. It serves as an automated market maker (AMM) for trading ERC20 tokens. This is done through a collection of smart contracts that define the creation of liquidity pools and the exchange of assets.

Uniswap is one of the most popular and largest cryptocurrency exchanges in the world. The platform boasts a trading volume of over $1.2 trillion since its inception.

Uniswap’s growing ecosystem includes developers, traders and liquidity providers working together to build decentralized finance (DeFi) applications. Developers gain access to open source code, software development kits (SDKs), and advanced protocol documentation for rapid DApp development.

The Uniswap Governance Token (UNI) allows its holders to participate in defining improvements, vote on new governance proposals, and shape the future of the Uniswap protocol.

2. Open sea

Illustrated computer generated graphics

Non-fungible tokens (NFTs) have become almost a rite of passage for most cryptocurrency holders, with owning an NFT beginning with the purchase or minting of a token. This is where OpenSea comes in, one of the largest decentralized NFT markets.

OpenSea has over 2 million NFT collections, 80 million NFTs and a trading volume of $20 billion. It is home to some of the most popular NFT collections, including Crypto Punks, Bored Ape Yacht Club, and many more.

Users can easily buy, sell and mine NFT on OpenSea by connecting their web3 crypto wallet. The platform also supports multiple blockchains and larger digital collections. OpenSea has over 1.5 million active users and supports up to 150 different cryptocurrencies.

3. MakerDAO

Text string on light yellow and gray background

MakerDAO is a decentralized lending platform where users can lend and borrow different types of cryptocurrencies. The MakerDAO protocol uses smart contracts to manage borrowing and lending. Its two local currencies – DAI, a stablecoin pegged to the US dollar, and Maker (MKR) – are used to settle the value of the loans.

The platform allows users to block cryptocurrencies as collateral and receive DAI tokens in return. It supports Ether (ETH), Basic Attention Token (BAT), Complex Token, USD Coin (USDC) and many other cryptocurrencies. With the anonymous nature of blockchain technology, MakerDAO uses liquidation to ensure payment and credit collection.

Whenever a loan’s collateral falls below a certain threshold, based on when the user borrowed DAI, the loan is immediately liquidated. The pledged cryptocurrency is immediately sold to repay the borrowed DAI, plus related fees and penalties. DAI, ETH, and MKR work as a tripartite system of checks and balances to maintain system stability and prevent users from over-borrowing.

Maker (MKR) is the governance token of the Maker Protocol and allows holders to propose or vote on new developments to the protocol. MakerDAO currently has over 2.3 million ETH locked into its protocol, which is roughly 2% of the total ETH supply.

text string on white background

MetaMask is an extension that can be used to access DApps through a browser. MetaMask bills itself as “a cryptocurrency wallet and gateway to blockchain applications.” It is one of the most widely used cryptocurrency wallets and serves as an easy entry to blockchain applications and assets.

Users can create and manage their own wallets. When a DApp wants to make a transaction, the user has a secure interface to review the transaction before approving or rejecting it. Setting up a MetaMask wallet is as easy as adding it as a browser extension to supported browsers, such as Chrome, Firefox, Brave and Edge desktop browsers. It can also be downloaded as a free mobile app on iOS or Android.

MetaMask prioritizes security and each wallet comes with a unique twelve-word recovery phrase that guides against hacking and can also be used to migrate the wallet. MetaMask advises users to write down their recovery phrase and keep it in a safe place, as access to the recovery phrase gives access to the wallet.

MetaMask is mainly used on the Ethereum blockchain, but also supports other chains such as BNB Chain, Polygon, Avalanche and many others.

5. Axie Infinity

Screenshot of the main page of the Axie Infinity website

Gaming DApps that integrate collectible NFTs and cryptocurrencies have exploded in popularity. Axie Infinity, an NFT-based game known for its virtual in-game economy, is one of the most popular DA gaming applications. Axie Infinity’s main appeal is its play-to-win model which allows players to collect and trade digital pets called Axies.

Axie’s virtual economy is powered by its parent tokens, Smooth Love Potion (SLP) and Axie Infinity Token (AXS). Both tokens can be earned by performing various in-game activities. Axie Infinity (AXS) is also tradable on major exchanges, which makes it unique.

As of March 2022, Axie Infinity had recorded a total NFT transaction volume of over $4 billion, indicating the tremendous demand generated by the games. Axie runs on Ethereum with the help of Ronin, a sidechain that minimizes transaction fees and times.

6. Compound

Text string on black background

Complex is an interest rate protocol where users can borrow, lend and earn interest on fixed cryptocurrencies. The platform allows depositing in various cryptocurrencies, such as Ether (ETH), USD Coin (USDC) and DAI, to name a few. Users can access Complex features by linking their wallets. Supported wallets are MetaMask, Ledger and Wallet Connect.

Using an automated matching protocol, Complex connects lenders and borrowers. The funds are deposited in the liquidity pool, which collects the interest rate from the borrower and rewards the lender.

COMP is an ERC20 token that serves as Complex’s native currency and governance token. Therefore, COMP holders can participate in governance activities that determine the future development of the Complex. Compound’s protocol can also be integrated with other compatible DeFi platforms.

7. Vortex

xChain anything written on blue blue background

Wormhole offers cryptocurrency holders the best of the blockchain world. It acts as a bridge between multiple blockchains for the efficient movement of digital assets seamlessly across blockchains. The Wormhole Portal provides users of blockchains such as Ethereum, BNB Chain, Solana, Polygon, Oasis, etc., a secure and transparent platform to transact their crypto assets.

Wormhole solves the difficulty of moving tokens across blocks and cross-chain interoperability. In addition, Wormhole supports a whole host of digital applications built on this platform, as well as interconnections for NFTs.

Ethereum has given DApps a solid platform for growth

The Ethereum ecosystem is strong and its possibilities seem limitless. It has already enabled the building of some great DA apps, and there are likely many more to come. Overall, Ethereum has managed to develop a solid platform for DApps to achieve their goals.

Leave a Comment